{"id":570032,"date":"2024-01-18T00:00:56","date_gmt":"2024-01-18T00:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=570032"},"modified":"2024-06-11T07:02:57","modified_gmt":"2024-06-11T07:02:57","slug":"bitcoin-early-top-warning-signal-price-double","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-early-top-warning-signal-price-double\/","title":{"rendered":"Bitcoin Gives Early Top Warning Signal, But Price Could Double First"},"content":{"rendered":"

Bitcoin price reached highs of close to $50,000 a coin this year until an abrupt, 15% selloff stopped the climb and put the overheated crypto market on ice. The pullback has caused an early “top” warning signal to fire in BTCUSD, but data suggests that the top cryptocurrency could double before the actual top is in.<\/p>\n

Fishing For A Top Signal With the Fisher Transform<\/h2>\n

Spot BTC ETF hype helped drive the price of Bitcoin from lows around $15,000 to over $45,000 per coin \u2013 a 300% increase. Peak post-ETF approval<\/a> price action reached as high as $49,000 before a sharp rejection send BTC plummeting back to $42,000 where it trades currently.<\/p>\n

Related Reading: Bitcoin ETF Makes Waves: Volumes Surge $10 Billion 3 Days<\/a><\/div>\n

The 15% correction after a significant climb isn’t too out of the ordinary, however, the 1W Fisher Transform indicator might have just given an early “top” signal. The tool, which smooths out price action to better visualize price extremes, reached a +6 standard deviation. This is among the most extreme readings the tool has even given on the timeframe.<\/p>\n

More importantly, however, is how the technical indicator has behaved over the last several years. Specifically, the Fisher Transform on the weekly timeframe has accurately called the 2019 top, and the 2021 top several weeks in advance after reaching a +6 standard deviation.<\/p>\n

\"Fisher<\/p>\n

Is BTC poised to double soon? | BTCUSD on TradingView.com<\/a><\/pre>\n
Why This Warning Signal Could Mean A New ATH, 100% Rally<\/h2>\n
This signal was an early top warning, not the actual top, to be precise. In 2019, after the Fisher Transform<\/a> crossed bearish, BTCUSD rallied another 83% before the actual peak occurred. In 2021, there was another 122% more ROI to go before the peak was in.<\/p>\n
Related Reading: Grayscale Bitcoin ETF Bleeds: Traders Make $579 Million Run On The Fund<\/a><\/div>\n
This could mean that although Bitcoin price could be looking at a peak soon enough, another 100% could be added to the cost per coin. At $42,000 per coin, that could take BTC above $84,000 and to new all-time highs.<\/p>\n
It is worth noting that 2021 exceeded the ROI of 2019, which could hint at increasing returns as more participants become aware of Bitcoin. With institutions now getting involved, spot ETFs actively trading, and more, anything is possible.<\/p>\n
This chart was originally featured in issue #32 of CoinChartist VIP: This Time It’s Different<\/a>.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Sign up for free<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price reached highs of close to $50,000 a coin this year until an abrupt, 15% selloff stopped the climb and put the overheated crypto market on ice. The pullback has caused an early “top” warning signal to fire in BTCUSD, but data suggests that the top cryptocurrency could double before the actual top is in. Fishing For A Top Signal With the Fisher Transform Spot BTC ETF hype helped drive the price of Bitcoin from lows around $15,000 to over $45,000 per coin \u2013 a 300% increase. Peak post-ETF approval price action reached as high as $49,000 before a sharp rejection send BTC plummeting back to $42,000 where it trades currently. Related Reading: Bitcoin ETF Makes Waves: Volumes Surge $10 Billion 3 Days The 15% correction after a significant climb isn’t too out of the ordinary, however, the 1W Fisher Transform indicator might have just given an early “top” signal. The tool, which smooths out price action to better visualize price extremes, reached a +6 standard deviation. This is among the most extreme readings the tool has even given on the timeframe. More importantly, however, is how the technical indicator has behaved over the last several years. Specifically, the Fisher Transform on the weekly timeframe has accurately called the 2019 top, and the 2021 top several weeks in advance after reaching a +6 standard deviation. Is BTC poised to double soon? | BTCUSD on TradingView.com Why This Warning Signal Could Mean A New ATH, 100% Rally This signal was an early top warning, not the actual top, to be precise. In 2019, after the Fisher Transform crossed bearish, BTCUSD rallied another 83% before the actual peak occurred. In 2021, there was another 122% more ROI to go before the peak was in. Related Reading: Grayscale Bitcoin ETF Bleeds: Traders Make $579 Million Run On The Fund This could mean that although Bitcoin price could be looking at a peak soon enough, another 100% could be added to the cost per coin. At $42,000 per coin, that could take BTC above $84,000 and to new all-time highs. It is worth noting that 2021 exceeded the ROI of 2019, which could hint at increasing returns as more participants become aware of Bitcoin. With institutions now getting involved, spot ETFs actively trading, and more, anything is possible. This chart was originally featured in issue #32 of CoinChartist VIP: This Time It’s Different. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":408654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[90631,428,1119,1144,78790,6664,4524,76835],"class_list":["post-570032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-accept-crypto-payments","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Fires Top Warning Signal, But Price Could Double First<\/title>\n<meta name=\"description\" content=\"Bitcoin price reached highs of close to $50,000 a coin this year until an abrupt, 15% selloff stopped the climb and put the overheated crypto market on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Gives Early Top Warning Signal, But Price Could Double First","url":"http:\/\/wncen.com\/news\/bitcoin-early-top-warning-signal-price-double\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-early-top-warning-signal-price-double\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/bitcoin-price-buy-sell-signal-shutterstock_726550312.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/bitcoin-price-buy-sell-signal-shutterstock_726550312.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["accept crypto payments","bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2024-01-18T00:00:56Z","datePublished":"2024-01-18T00:00:56Z","dateModified":"2024-06-11T07:02:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Gives Early Top Warning Signal, But Price Could Double First\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-early-top-warning-signal-price-double\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-early-top-warning-signal-price-double\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/bitcoin-price-buy-sell-signal-shutterstock_726550312.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/bitcoin-price-buy-sell-signal-shutterstock_726550312.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"accept crypto payments\",\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2024-01-18T00:00:56Z\",\"datePublished\":\"2024-01-18T00:00:56Z\",\"dateModified\":\"2024-06-11T07:02:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/bitcoin-price-buy-sell-signal-shutterstock_726550312.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570032"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=570032"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/570032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/408654"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=570032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=570032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=570032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}